Fast and furious! I can't keep up with today's news. This is right out of the pages of Naomi Klein's "the Shock Doctrine". President Bush will speak to the nation tonight and I suspect he will speak in dire tones. I'll paraphrase what I think he's gonna say. . ."We are facing a national disaster of unimaginable magnitude. Congress must act swiftly and not attach undue restrictions on this measure because time is of the essence. In order to save Ma and Pa Main Street we must give the treasury the 700 billion dollars."
I believe he will talk of the possibility of a run on the banks much like the Great Depression. Just like Ms Klein's book explains, these guys need to scare us into doing something we know is wrong. I believe they'll succeed, congress will pass this bail out with a few provisions and post pone the inevitable. As I've warned in previous posts, the dollar won't be worth the paper it's printed on, there will be skyrocketing inflation, hundreds of thousands will lose their jobs and we will be in a full blown depression. So, that's gonna suck.
As a diversion, I'm gonna bitch about McCain:
Senator John McCain has been disingenuous with his announcement that he is going to suspend his campaign so he can rush back to Washington and help solve our financial problem. He issued a statement just after notifying FOX News that he was suspending his campaign and wanted to post pone the presidential debates. He made it sound as if it was his idea and challenged Obama to do the same. What really happened was: Obama received a call from Oklahoma's Senator Rep. Tom Coburn, yesterday. Coburn suggested that Obama and McCain issue a joint statement on the "crisis" since they both shared similar opinions. Obama called the McCain camp at 8:30AM this morning, Obama explained what Coburn had said and thought that a joint statement would be a good idea. McCain called back at 2:30PM saying yes it's a good idea to to do that. No sooner had McCain hung up the phone when he called FOX news and issued his statement sans any acknowledgement of Obama's call. McCain went so far as to challenge Obama to suspend his campaign and added that the debates should be postponed.
You may remember that a long time ago I worried that this election may never take place. There would be some kind of national emergency, Bush would suspend the elections and possibly declare martial law.
I didn't want to bring up the Hockey Mom at all but, I have to in this instance. Since McCain is going to Washington, let's ask Palin a question or two about her take on this crisis. Oh that's right, she refuses to answer any questions by any reporters. Yesterday she was meeting with foreign dignitaries and refused to allow even print reporters in the meetings. This is unprecedented. The campaign that says it's "America first" and the number 2 on the ticket won't allow a single question by an impartial reporter. She has never given a Q and A press conference? Nothing ? Nada? Why doesn't CBS, ABC, NBC, and even FOX keep a running total of the days that Palin hasn't allowed an unscripted question. Anchor person says, "Day 18 of VP hopeful Gov. Palin's refusal to answer a reporter's question." and then tomorrow, " "Day 19 of . . ." and so on. It would take all of 3 seconds of air time. Hey Sarah! If you're truly ready to become president . . . why don't you offer to take McCain's place in the debate? You could prove to the voters that you have confidence in your readiness. Whadya say Sarah?
The powers that be will hit us with a 3 strike effort to terrify us. 1st This situation is so serious that the Republican candidate for president suspends his campaign. "Ooooh." 2nd The president will speak to the nation and warn us of dire consequences. "Ooooooh Oooooh." 3rd. If this bail out looks like it isn't going to pass watch the Dow fall sharply on Thursday or Friday. "Ooooh. Ooooh. Ooooooh."
So, if you have a few million you may want to buy stock in Goldman Sachs. It's a pretty good bet that Paulson's old company's gonna make out on this deal. Warren Buffet seems to think so, he just purchased 5 billion worth of it's stock.
DaG out
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I am impressed with how clearly you see the "Shock Doctrine" in action. It has been working to pass legislation that is against the best interests of the public, all over the world, for many years.
Your prophecies of gloom and doom pale against the catastrophic picture those that are pleading for the passage of this bail out (rescue)paint.
Although I may stand to lose much if the bail out would not go through, I am inclined to hope it doesn't, and let the chips fall where they may.
I must admit that I am at a loss to fathom how this bail out will truly benefit the tax payer. It seems to be based on too many "ifs". The money will come back "if" housing prices go back up. "If" confidence in the market is restored. "If" home owners can find a way pay their house payments and not be foreclosed on. "If" we don't have to bail out the credit card companies, the auto manufacturers and on and on.
I am with Bill Clinton on this: I want to know what you mean by "if"!
To understand why things happen, I have long been a proponent of "follow the money". When I do that, all I see is the tax payer handing over $700 billion, that he has yet to contribute, to the very people who got us into this mess.
DaG Senior
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